Green Investment Group acquires vanguard offshore wind development project in the west of Ireland

Macquarie’s Green Investment Group (GIG) has acquired Fuinneamh Sceirde Teoranta, the developer of the Sceirde Rocks offshore wind farm, in Galway, Ireland. Sceirde Rocks is a proposed 400 MW offshore wind farm, capable of generating enough energy to power the equivalent of up to 295,000 homes.

The Galway based renewable energy project is at the vanguard of Ireland’s offshore energy revolution, having been designated as one of seven ‘Relevant Status’ developments by the Department of Environment Climate Action and Communications. This designation positions the Sceirde Rocks development to be in the first wave of offshore wind projects in Ireland for delivery by 2030.

Ireland has an objective of achieving 70% renewable energy by 20301. To achieve this, over 5 GW of offshore wind energy is expected to be developed by the end of the decade2. The Sceirde Rocks project will play a critical role in meeting these targets, increasing domestic energy production and improving security of energy supply by reducing Ireland’s dependence on imported coal, oil and gas. When operational, it’s estimated the project will reduce Irish carbon emissions by up to 457 Kt CO2 emissions avoided per annum.

In addition to its environmental benefits, Sceirde Rocks offers a significant opportunity to kick-start the development of an offshore wind supply chain across Ireland’s west coast. GIG is committed to working with local suppliers wherever possible to support employment and investment opportunities across the region.